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PPP Gets Five-Week Extension

On Wednesday, July 1 the House agreed unanimously to an extension of the Paycheck Protection Program (PPP). The five-week extension originated in the Senate on Tuesday, where it was approved late in the evening. President Trump signed the bill into law on Saturday, July 4. With around $129 billion of loan funds still available through .....

SBA PPP Guidance Update—June 25-26, 2020

Late last week, the United States Small Business Administration (SBA) released yet another round of guidance updates regarding the Paycheck Protection Program (PPP). The areas covered by this latest release are maturity dates and loan amounts. A recent article from the Journal of Accountancy offers a brief overview of the guidance update. The additional guidance .....

SBA Releases Guidance Regarding Early PPP Loan Forgiveness

On June 22, the U.S. Small Business Administration (SBA) released additional guidance regarding Paycheck Protection Program (PPP) loan forgiveness. A recent article from the Journal of Accountancy summarizes the information contained in the release. The new interim final rule primarily addresses changes made by the Paycheck Protection Program Flexibility Act of 2020. This is the .....

Senate Passes Paycheck Protection Flexibility Act

On Wednesday night, the Senate voted unanimously in favor of the Paycheck Protection Flexibility Act. This new legislation makes key adjustments to the timeline for spending Paycheck Protection Program (PPP) funds and revises how loan recipients are required to allocate the money. Here is a brief overview of the key provisions contained in the bill: .....

FASB Announces Further Delays of Revenue Recognition and Leases Standards

Following last month’s proposal to defer the effective date of two standards for private companies and nonprofit organizations, the Financial Accounting Standards Board (FASB) voted to delay the effective dates of revenue recognition and leases standards on May 20. The standards extension comes as a response to complications caused by the coronavirus pandemic. A recent .....

What Will the Post-Coronavirus Business World Look Like?

As the U.S. slowly starts to transition into reopening, many business owners are anticipating big changes—a new normal. While nobody can know for sure how things will turn out, today we want to spend some time pondering what the post-coronavirus business world might look like. What might reopening look like for businesses? Because of the .....

SBA Releases Application for PPP Loan Forgiveness

On Friday, May 15, the Small Business Administration (SBA) announced an important release for borrowers who received loans through the Paycheck Protection Program (PPP). The bureau made public a form and instructions for borrowers to use to apply for PPP loan forgiveness. The application must be completed and submitted to the lender that serviced the .....

New SBA Guidance Regarding Paycheck Protection Program

On May 13, the Small Business Administration (SBA) issued additional guidance regarding the Paycheck Protection Program (PPP). They added a highly anticipated new question to their lengthy FAQ: “How will SBA review borrowers’ required good-faith certification concerning the necessity of their loan request?” One of the requirements when submitting a PPP loan application is a .....

Is My PPP Loan Still Forgivable if My Employees Refuse to Come Back to Work?

The Paycheck Protection Program (PPP) is a loan initiative created by the CARES Act that targets aid to small businesses dealing with losses resulting from the coronavirus pandemic. The big appeal of the program is that the portion of the PPP loan funds used for certain “allowable purchases” is fully forgivable. Firstly, what are the .....

SBA Releases Additional PPP FAQ Questions

On May 3rd, the Small Business Administration (SBA) issued a new round of guidance regarding the Paycheck Protection Program (PPP). They addressed three issues for which business owners have requested clarification, including: The impact of a laid-off employee refusing to be rehired on a borrower’s PPP loan forgiveness amount – If the borrower attempts to .....